Energy News

Nigeria Awaits New Budget Benchmark as Oil Prices Dip to Six-year Low

A new oil price benchmark is being awaited in Nigeria in view of the continuous fall in price of the commodity as the price of Organization of Petroleum Exporting Countries (OPEC) basket of 12 crudes stood at $45.19 a barrel on Monday, compared with $45.68 the previous day.

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Oil Rebounds above $62, as Funds Wager on Rally

Oil rose above $62 a barrel on Monday, mirroring gains in equities, as investors became confident there would be no further substantial price loss in the run-up to the new year. Consequently, hedge funds increased bets on rising prices to the highest in four months.

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Afren Gets Preliminary Offer from Nigeria's Seplat

Oil producer Afren Plc said it had received a preliminary offer for the company from Nigerian oil and gas explorer Seplat Petroleum Development Co Plc .

Afren said Seplat has until Jan. 19 to make a firm offer.

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OPEC Cuts 2015 Demand, Says Low Prices May Slow Shale Oil Production

Global demand for OPEC crude in 2015 will be less than expected and far below its current output, the group said pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the US shale boom.

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Shrinking Oil Prices, Boko Haram Affecting Nigeria’s Frontier Market Appeal

Falling oil prices, increasing insurgency and rising political tensions before a general election in February are diminishing Nigeria’s status as a prime frontier-market investment destination.

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High-Powered Delegates Convened at the Maiden CPEEL Annual Regional Conference on Energy

The maiden CPEEL Annual Regional Conference on Energy, titled “Oil and Gas in the Gulf of Guinea: Development and Management for Inclusive and Sustainable Development”, and which held between 24th and 25th November, 2014 had over 200 people in attendance from countries that made up the gulf of gu

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Subsidy Regime Clog in the Wheel of Local Oil Production, CPEEL Director

The Director, Centre for Petroleum, Energy Economics and Law, Prof.

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Nigeria, South Africa Largest Energy Demand Centres in Africa

Nigeria and South Africa have been identified as Sub-Saharan Africa’s largest energy demand centres.

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National Electricity Regulatory Commission Halts Licensing of Independent Power Projects

Further processing of license applications for the establishment of new Independent Power Projects (IPPs) in Nigeria has been halted by the Nigerian Electricity Regulatory Commission (NERC). This was stated in a briefing by the Chairman/CEO of NERC, Dr.

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60% of Crude Oil yet to be Produced by 2040 – ExxonMobil

Energy giant, ExxonMobil has stated that about 60 percent of world’s recoverable crude oil resource will have yet to be produced by 2040.

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